What do you think is the most important stage in a product’s life cycle?
The product life cycle (2021)
Now that you have covered the basics of the product life cycle, complete the following exercise.
Instructions: Determining the most important stage in the cycle
- Reflect on what you think is the most important stage in this cycle.
- Write your answer in the discussion below, and explain why you think your chosen PLC stage is the most important.
- Try to find a real-world example that you can use in answering this. It might be an example from your professional experience or one you’ve found elsewhere.
- Reflect on at least one of comments from random learners below. Do you agree with their response? How do their experiences differ from yours?
Molly Campbell
What comes to mind as the most important stage for me is the decline stage. With the ever changing tech landscape, I feel that apps/websites etc have such a difficult task of staying relevant. Social media apps are what I thought of in this situation. Apps/sites such as Facebook or Instagram are now competing with SnapChat and TikTok, so both have updated their functions to include more video and filters, etc to be relevant in that market. They are trying extremely hard to prevent their decline and become obsolete. I do agree with others that development is very important as well, and the example I gave may have to go back to the development stage in a sense to redesign and update things to meet consumer demands.
Christina Bek Larsen
As it is a cycle, I find it very difficult to point to one stage as the most important one. One stage doesn’t exist without the previous one, I suppose. I think each stage requires something specific from the PM. With competition and evolving needs in mind, I am thinking about the growth stage as being a tricky stage. To keep relevant and ensure your rpoduct is growing seems like a challenge.
Ibukun Oni
I think the “Development stage” is the most important phase because if the right product is not developed to meet the needs of customers, then efforts during the other stages become futile.
I recall developing a digital product, the first assignment of the project team was to ensure that the product met the needs of our customers.
Chibuzo Anazodo
I think the Development stage is the most important because that is where you figure out what fits your consumers needs as well as trends in your industry to adapt or avoid to build a product that will thrive through all stages and still remain relevant after Maturity.
Peter Scheinsohn
I would say introduction, is most important step in the product life cycle. Even, if product was properly developed, but not good enough introduced and advertised or not clear enough introduced for which group it is, it will significantly influence its further growth. However, i also agree that proper development stage and growth stage are also very important, but good start (“introduction”) is vital in my humble opinion.
What would be the most important stage for me is the Development stage. I once had an idea to start a business where I could curate gift boxes the main product would be candles, scented candles and best believe I was pumped up by the idea but when I went into the “whys” and “what” questions I realized how quickly I would hit a decline even when I had the funds to go through with it.
The most important stage in the product life cycle varies, but I think the Introduction Stage is the most crucial.
The introduction stage sets the foundation for the rest of the product’s life cycle. During this stage, the product is launched into the market for the first time, and the initial impression it makes on consumers can really impact its future success.
A real-world example that showcases the importance of the Introduction stage is the launch of the first iPhone by Apple, which revolutionised the smartphone industry. Apple invested heavily in marketing and created significant buzz and FOMO around the iPhone, which helped generate high demand and set the stage for its continued success in the other stages.
I think the introduction stage is the more important stage, even if the product is not well developed, the introduction stage into the market will give it an edge, the most important stage is the Growth stage.
I totally agree with you, if I got the costumer attention I have more chances to keep his attention alife based on his feedback.
For me, it is the maturity stage. Here’s why:
Highest Profitability: During maturity, product development and heavy marketing costs have subsided, yet sales remain strong. This offers the highest period of profitability for a successful product.
Also, how a product performs in the maturity stage indicates whether it has the potential to become a classic product with sustained demand, or if it will rapidly decline.
I put the maturity phase as the second to the introduction phase, because if the introduction of the product was not done correctly you will never reach the maturity phase.
All stages of a product are crucial, yet I hold the view that the maturity stage carries the utmost significance. In this phase, preventing entry into the decline stage becomes paramount. Therefore, it is essential to prioritize consumer satisfaction and conduct thorough due diligence to sustain the produc
I concur to this.
the most important stage can be interpreted as the growth stage. During the growth stage, the product experiences rapid sales growth as it gains market acceptance. This growth phase represents a period of significant opportunity for businesses to capitalize on increasing demand and expand their market share.
Success during the growth stage allows businesses to solidify their position in the market and establish themselves as leaders in their industry. Building a strong market presence during this stage can lead to long-term success and profitability.
While the introduction stage is crucial for launching a product and establishing its presence in the market, the growth stage represents the phase where businesses can capitalize on their initial success and drive significant expansion and profitability. Therefore, the growth stage can be considered the most important stage in the product life cycle from a strategic perspective.
I can see your perspective.
The growth stage represents a period of rapid sales growth, which can be very lucrative for companies. However, without a successful introduction stage to establish a strong market presence and generate initial interest, reaching the growth stage would be challenging.
I believe the Development stage is the most important stage because it is the stage where the end goal of the product is being created carefully and processes to achieve it is being carefully put out.
I believe that the development stages is important.
Because when a product is properly developed it easily get the attention of the consumers/ customers.
Example, in a fashion industry, when making a particular brand of clothes. What attracts the customer is the the drafting and the design on that particular brand of clothes.
So the development stages is very important so that when the brand is been introduced in the market there will be much demand in the market.
It’s is so difficult to point out to one stage as most important because, one can not happen without the other
Most eatery spot is one typical example.
At the introduction of the business, it was outstanding to everyone and everybody want to visit that eatery.
But, some areas that need to be maintained so dt customers will be kept and will want to come back was left porous and competitors swept them off and took over in many states.
So I agree with the view of Christina Bek larson.
From.
Agnes Moses
All the phases are important for the success of the product, every product will go through each of those phases but what will determine how long an organisation or business enjoys the benefit of a product will be determined by how proactive and how much effort they give at the growing phase of the product. Facebook is a good example of a product that has benefited from the proactiveness of its product management team. It is currently at the Maturity state and the team have managed to keep it going. Facebook has constantly adapted to the changing market and consumer needs. When Facebook started there was no market, now there is Facebook Market. Facebook has also been proactive in responding to its competitors. For example, Facebook now has video reels and other features to satisfy the needs of its customers who would otherwise turn to YouTube and others.